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Buying a Home

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Buying a new Home:

Purchasing a new home is very exciting and worth all

the effort to get you there. Whether you are purchasing

a new home, or looking for a new style of home there

are so many options out there for you to choose from.

We are here to help you decide with your budget the

best housing option for you. Click on the link to fill out a

few questions to help us offer you competitive rates on

home loans. So we encourage you to fill out a few

questions so we can connect you with the best lender for

you to get you moving into your new home!



Choosing the Right Property for You

Choices choices, too many choices! It can sometimes feel

overwhelming trying to find the right property for you

but we are here to help you narrow down our options.

Many factors come into play when picking your new

home. You need to look at your budget to determine how

much you can realistically afford, where you would like to

live location wise, and the style of home you are drawn to,

and how much space in your home that you are wanting.

There are several property types that may be available

for you depending on your location.



Condos

Condos are usually more affordable,

have reduced maintenance, and is

good for homeowners who are looking

for less space.



Mobile Homes

These are great options that are

affordable and great for someone looking

for a smaller home. They tend to be more

environmentally friendly as well which is

an added perk.



Multi-Family Homes

These are home with two to four different

units which is good for large families that

need extra space or for homeowners that

want to rent out the extra space and

generate an income from their home.



Single Family Homes

This is a standard when homeowners

typically think of a home. They stand

alone usually with a yard. Single family

homes are great for privacy and giving

the homeowner a homey space.



Mortgage Programs

Since you are about to buy a home, you

might be looking into all the loans that you

need to get to get your home. Here is a list of

some standard home loan options.



FHA Loans

These loans offer low down payments

and lenient credit requirements.



VA Mortgages

These loans are for veterans or spouses of a

veteran, and active duty service members.

This loan option is great because it offers

no money down financing.



Conventional Fixed

Rate Mortgages

This option allows you payments to

remain the same for the life of the loan.



Adjustable Rate Loans

This loan offers introductory rates

with opportunities for short term

savings.



USDA Rural Housing Loans

These loans are designed for people

purchasing a home in specified rural areas.

This is a good choice for those areas because

it offers a zero money down option for first

time home buyers.



Are You Buying A Home That

Needs To Be Rehabilitated?

There are a few loan options that can help

you both purchase and renovate your new

home. Any 203k loan which is a type of FHA

and VA mortgage, can help you rehab your

home and make it into your dream home.



The Home Buying Process:



You have that itch, the itch to purchase a home! All of a

sudden you are paying attention to all of the available

homes and are scanning the internet and newspaper

relentlessly to find your dream home. The search for your

first home can be intimidating but also fun and exciting if

you go into the process prepared. It can be confusing when

talking to a lender or agent with all of the mortgage mumbo

jumbo, and the decisions you need to make feel like they

are never going to end and to top it off you are going to

have to write one hefty check by the end of this process. If

you educate yourself now and are proactive with your

steps to a plan that will help decrease your stress and end

up with you in your new home.



The first step you need to take is how much money do

you have in the bank. In other terms it is time to come

up with a realistic and manageable budget so you

don’t find yourself drowning in debt. Manage your

budget by compiling your income, age, financial

security, number of buyers, location, and financial

risk etc. Talk with a lender to find out the appropriate

amount to get in a loan based on all of your financial

factors and monthly income. Once you do this the

home buying process will get a whole lot better and

way more fun.



After you determine your budget it is time to get per-

approved for a mortgage. This will work with your

budget to determine a price range that you will be

approved for in your loan. This helps lenders and real

estate lenders trust your credibility since your

financial history will already be verified and help

speed up the process on what time of homes you

should begin looking at.



Then you need to apply for a mortgage. Once that is

taken care of and an application is submitted and

approved it is time to look for homeowners insurance,

and compile additional documents such as bank

statements. Finally you will close and that's when you

finalize the mortgage documents by signing usually at

a lawyer's office or with an escrow agent. After closing

you should receive your keys to your new home!



Make sure you are always asking

questions so you are perfectly

clear about everything throughout

your entire process.



T O L E A R N M O R EMORTGAGE.INFO

LENDER HOTLINE: 888-581-5008

C L I C K H E R E



Information provided by:

Justin McHood

MORTGAGE.INFO

Justin McHood is Americas Mortgage

Commentator and has been providing

Mortgage commentary for over 10 years.


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